Discount store giant Big Lots has announced plans to close up to 315 stores nationwide as financial issues put pressure on the embattled retailer's future.
According to a July 31 filing with the U.S. Securities & Exchange Commission, the discount retailer said it could close as many as 315 stores as part of an update to its loan terms. That is up from the 150 store closings the company originally announced two months earlier.
The Columbus, Ohio-based retailer had previously reported a 10% drop in sales in its first quarter ending June. The store currently operates around 1,389 stores nationwide.
The Columbus, Ohio-based retailer had previously reported a 10% drop in sales in its first quarter ending June. The store currently operates around 1,389 stores nationwide.
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According to Big Lots' website, closures were announced at the following stores in the county:
- El Cajon: 1085 E Main St
- La Mesa: 6145 Lake Murray Blvd
- Oceanside: 1702 Oceanside Blvd
- Spring Valley: 633 Sweetwater Rd
- Temecula: 27411 Ynez Rd
As NBC 7 spoke with shoppers, a common question asked was how these closures will impact people who rely on discount stores to shop for goods.
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“I don’t like it. This is a store I really like because they have good prices and good deals all the time,” customer Patrick Straub said.
Another shopper, Jill Tatman, said she goes to Big Lots for "little goodies" and "favors" that are hard to find elsewhere.
“In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,” Big Lots said in the filing.
In a release on the chain's website from June 6, Big Lots says it "reported a net loss of $205.0 million, or $6.99 per share, for the first quarter of fiscal 2024 ended May 4, 2024."
The closure announcement comes just three months after 99 Cents Only Stores announced it was closing all of its locations.
In the meantime, customers are pondering where they will go to receive good deals in the area.
“Its going to take you a little time, but you can find something somewhere, and some people end up online a lot. But, as far as local goes, people may have to go an extra mile or two to go find something,” Jackson Thompson said.
Big Lots did not return NBC 7’s request for comment regarding a precise date it will be closing some of its locations.
For the full list of California closures, click here.
